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Redecard, a merchant servicing business in Brazil that Citi holds a majority stake in, plans to undertake a follow-on secondary offering. The announcement came within hours of Citi announcing write-downs of $18.1 billion in the fourth quarter of 2007.

Ambac’s inability to issue surplus capital notes could mean that the writing is on the wall for this entire sector.

UBS’s chairman is struggling to hold on but shareholders must resist temptation to remove him at the moment.

Al Rajhi Bank

The average cost of using a prime broker is slowly increasing, say those in the industry, but do hedge funds really care?

Which CEOs have created (or destroyed) the most shareholder value? Euromoney's latest ranking shows that, despite the reverses of 2007, most remain in credit with investors.

Hedge fund M&A activity on the rise.

An RMBS clinching the best deal category for the year of the sub-prime crisis might appear at first to be a little ironic.

We all know that Iraq is bad but to hear many experts tell it, Afghanistan is the genuine headache of the age, military and economic. With the struggling economy as much a battleground for hearts and minds as the caves of Helmand province or Tora Bora, you’d expect the brightest minds at the IMF and World Bank to be poring over the stricken country, keeping vital but fragile institutions such as the central bank tightly clasped under their intensive care, right? And, with $30 billion of western aid – your taxes – sloshing around the place, at least making sure its books are done properly. Think again.

Goldman Sachs has taken a minority stake in Kiev-based investment bank Dragon Capital via a share capital increase. "This development is recognition of the professionalism and success of our 120-strong multinational team and of our track record of triple-digit returns on equity," says Tomas Fiala, Dragon Capital’s managing director and controlling shareholder.

Unprecedented co-operation between European banks has, at last, created a single euro payments area. It will transform the cash management business and possibly the whole banking industry. Laurence Neville reports.

CIMB Islamic